Australia Healthcare Diagnostics Market Analysis Report 2022 to 2030

Australia Healthcare Diagnostics Market Analysis

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Australia's healthcare diagnostic market is valued at $xx Bn in 2022 and would likely grow at a CAGR of 1.5% during 2022-2030. The Australia healthcare diagnostic market is segmented by product, end-user, and test type. The factors affecting its growth are prevalent chronic diseases, the rising geriatric population, insurance and reimbursement, and regulating bodies. Some key market players in healthcare diagnostics in Australia are Am Diagnostics, Ramsay Health Care, and Consultant Pathology Services Pty. Limited.

ID: IN10AUHS007 CATEGORY: Healthcare Services GEOGRAPHY: Australia

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Australia Healthcare Diagnostic Market Executive Summary

Australia's healthcare diagnostic market is valued at $xx Bn in 2022 and would likely grow at a CAGR of 1.5% during 2022-2030. The global diagnostic testing market was valued at approximately $70 Bn in 2021 and $179.87 Bn in 2022 and is expected to hit around $348.75 Bn by 2030. It is growing at a CAGR of 8.63% from 2022 to 2030.

Point of Care Testing (POCT) is becoming increasingly popular in Australia, particularly in primary care and remote settings, due to its convenience and ability to provide results quickly. Also, the In-Vitro Diagnostic (IVD) market in Australia is growing, with an increased demand for molecular diagnostic tests, such as Polymerase Chain Reaction (PCR) tests, which are widely used in the diagnosis of infectious diseases.

Market Dynamics

Market Growth Drivers Analysis

The prevalence of chronic diseases is increasing, and there is a growing need for various types of advanced diagnostic imaging. As a result, the market for medical imaging is growing. The development of imaging technologies and modalities has led to a significant increase in the use of medical imaging, providing a significant opportunity for the market to expand. Medical imaging market expansion is hampered by the strict regulatory requirements that must be met for the commercialization of the products.

The increasing prevalence of age-related health issues like arthritis, dementia, and cancer may rise as the geriatric population grows. That could also be a driving force for the Australian diagnostic market to expand. Tele-radiology, which involves reading scan results remotely, possibly even from abroad, has increased in popularity in Australia. Other nations have been slower to adopt this practice.

Market Restraints

The expansion of the world market for point-of-care and rapid diagnostics has been hampered by pricing pressure brought on by reimbursement cuts and insufficient budgets. Additionally, it is said that spending on general-use medical devices is stagnating as a result of the decline in the number of healthcare products eligible for reimbursement, making it difficult for manufacturers to maintain prices as the competition heats up. In the upcoming years, it is anticipated that this factor will present a significant barrier to the expansion of the point-of-care diagnostics market.

Competitive Landscape

Key Players

Am Diagnostics (AUS)
Ramsay Health Care (AUS)
Consultant Pathology Services Pty. Limited (AUS)
Capital Pathology Pty Ltd (AUS)
Siemens Healthcare Pty Ltd (AUS)

Notable Recent Deals

August 2022: The partnership between Healius Ltd (ASX: HLS), one of Australia's top listed healthcare companies, and C2N Diagnostics, a pioneer in advanced brain health diagnostics, aims to advance the use of C2N's Precivity blood test and associated brain health biomarkers in memory and dementia care in Australia.

Healthcare Policies and Regulatory Landscape

Diagnostic imaging services covered by Medicare are governed by the Health Insurance Act of 1973 and its subsidiary laws, such as the Health Insurance (Diagnostic Imaging Services Table) Regulations. The leading organization for in vitro diagnostics sponsors and manufacturers in Australia is called IVD Australia. The Medical Technology Association of Australia (MTAA) is a national organization that represents producers and suppliers of medical equipment used for illness and disability management, prevention, and diagnosis.

Reimbursement Scenario

Australia's universal health care insurance program, known as Medicare, is run by Services Australia, the country's social security agency. In order to qualify for Medicare benefits, patients can receive many diagnostic services—including some imaging services, basic pathology tests, and other services—without a referral. Numerous tests are performed on patient samples, such as blood or body tissue, as part of pathology services. X-rays, ultrasounds, CT scans, nuclear medicine, and Magnetic Resonance Imaging (MRI) are all examples of diagnostic imaging services. These services are provided in conjunction with licensed medical professionals who are frequently diagnostic radiology specialists by qualified technical staff.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Diagnostics Market Segmentation

By Test (Revenue, USD Billion):

The segment for lipid panel tests is anticipated to grow strongly during the forecast period. The body uses lipids, fats, and other fatty compounds as a source of energy, and the lipid panel is a blood test that analyses these substances. Tests for total cholesterol, HDL cholesterol, triglycerides, LDL cholesterol, cholesterol/HDL ratio, and non-HDL cholesterol are all part of the lipid panel.

Lipid Panel
Liver Panel
Renal Panel
Complete Blood Count
Electrolyte Testing
Infectious Disease Testing
Other Tests

By Product (Revenue, USD Billion):

By product type, the healthcare diagnostic market is segmented into instruments, reagents, and other products.

Instruments
Reagents
Other Products

By End User (Revenue, USD Billion):

By end user the healthcare diagnostic market is segmented into hospital laboratory, diagnostic laboratory, point-of-care testing, and other end users

Hospital Laboratory
Diagnostic Laboratory
Point-of-care Testing
Other End Users

Methodology for Database Creation

Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.

Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.

How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

1. Secondary Research

With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:

Analyzing historical proprietary data collected from multiple projects.
Regularly updating our existing data sets with new findings and trends.
Ensuring data consistency and accuracy through rigorous validation processes.

With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:

Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
Conducting surveys, interviews, and field studies to collect fresh data directly from the source.
Continuously refreshing our database to ensure that the information remains current and reliable.
Validating secondary data through cross-referencing with primary data to ensure accuracy and relevance.

Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
Conducting thorough data validation and cleansing to remove inconsistencies and errors.
Organizing data into a structured format that is easily accessible and usable for various applications.
Continuously monitoring and updating the database to reflect the latest developments and trends in the healthcare field.

Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.